August 11, 2021
Transparency in Coverage, Consolidated Appropriations Act: August Update
What you need to know: The Consolidated Appropriations Act of 2021, which includes the No Surprises Act, is the most significant health care law since the Affordable Care Act. The Transparency in Coverage Final Rule, which imposes significant federal transparency obligations on insurers, is one of the first of its kind. Both sets of requirements impose significant requirements on health insurance issuers and group health plans.
Blue Cross and Blue Shield of Illinois (BCBSIL) is working on new processes and services to assist groups in implementing the requirements of the Transparency in Coverage Final Rule and the transparency-related requirements of the Consolidated Appropriations Act, as well as the No Surprises Act. These are new rules and requirements that will affect the benefit plans of most of our group customers beginning Jan. 1, 2022.
We have a cross-functional team in place to help support our customers’ compliance with these new requirements. While it’s important to note some of these requirements are still being updated by the federal government, we are working to provide as much information as we can.
Our approach: See some key highlights about our approach to assist groups in their efforts to comply with these new regulations and laws, which may be helpful in discussions with groups.
While BCBSIL has provided these highlights of key aspects of the requirements, BCBSIL does not provide groups with legal or compliance advice. Group customers must contact their legal advisors if they have questions about these laws and regulations, what they require and how they will affect their benefit plans.